King Pharmaceuticals Inc. (NYSE: KG) reported Thursday that the company earned $22.3 million in its fiscal fourth quarter, according to Associated Press.
The company said it earned 9 cents per share in the fiscal fourth quarter, compared to a loss of $550.8 million, or $2.26 per share, a year earlier.
Adjusted earnings, which exclude one-time items, were 23 cents per share, which is a penny below what analysts surveyed by Thomson Reuters expected. Analysts usually exclude one-time items from their earnings estimates.
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Revenue grew 26 percent to $439.1 million from $347.7 million a year ago. Analysts expected higher revenue of $445.9 million.
Bristol's selling, general and administrative expenses rose 38 percent in the fourth quarter to $146.9 million, while revenue from branded drugs remained flat at $277 million.
Sales of Skelaxin, which serves as a muscle relaxer, dropped 15 percent to $96 million.
In December 2008, King acquired Alpharma for $1.6 billion, but said Thursday that all the debt from that acquisition has been repaid.
For the full year, King earned $91.9 million profit, or 37 cents per share, on $1.77 billion in revenue. It lost $342 million, or $1.40 a share, on revenue of $1.57 billion in 2008.
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